Bank of America Corp DE Purchases 84,863 Shares of FinVolution Group (NYSE:FINV)

Bank of America Corp DE boosted its holdings in shares of FinVolution Group (NYSE:FINV - Free Report) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,162,853 shares of the company's stock after purchasing an additional 84,863 shares during the quarter. Bank of America Corp DE owned approximately 1.19% of FinVolution Group worth $21,476,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. WealthCollab LLC increased its holdings in shares of FinVolution Group by 8.5% in the fourth quarter. WealthCollab LLC now owns 18,708 shares of the company's stock valued at $127,000 after purchasing an additional 1,459 shares during the last quarter. SYM FINANCIAL Corp boosted its holdings in FinVolution Group by 14.4% in the fourth quarter. SYM FINANCIAL Corp now owns 13,543 shares of the company's stock valued at $92,000 after purchasing an additional 1,706 shares during the period. LPL Financial LLC boosted its holdings in FinVolution Group by 5.3% in the fourth quarter. LPL Financial LLC now owns 44,870 shares of the company's stock valued at $305,000 after purchasing an additional 2,257 shares during the period. Lester Murray Antman dba SimplyRich boosted its holdings in FinVolution Group by 8.0% in the fourth quarter. Lester Murray Antman dba SimplyRich now owns 45,307 shares of the company's stock valued at $307,000 after purchasing an additional 3,348 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in FinVolution Group during the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 31.15% of the company's stock.

FinVolution Group Trading Up 2.3%

Shares of FinVolution Group stock traded up $0.19 during trading hours on Friday, reaching $8.60. 1,207,810 shares of the company's stock were exchanged, compared to its average volume of 824,480. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 7.41 and a beta of 0.30. The company has a fifty day moving average of $8.54 and a 200-day moving average of $7.76. FinVolution Group has a 52-week low of $4.63 and a 52-week high of $11.08.

FinVolution Group (NYSE:FINV - Get Free Report) last announced its quarterly earnings results on Tuesday, May 20th. The company reported $0.41 earnings per share (EPS) for the quarter. The firm had revenue of $479.70 million during the quarter. FinVolution Group had a return on equity of 16.66% and a net margin of 17.36%.

FinVolution Group declared that its board has initiated a stock buyback program on Monday, March 17th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

FinVolution Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th were issued a $0.277 dividend. The ex-dividend date was Wednesday, April 16th. This represents a yield of 2%. This is a boost from FinVolution Group's previous annual dividend of $0.24. FinVolution Group's dividend payout ratio (DPR) is currently 15.33%.

Analysts Set New Price Targets

A number of analysts have recently commented on FINV shares. Citigroup upgraded FinVolution Group from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $6.00 to $11.00 in a research report on Tuesday, March 18th. UBS Group upgraded FinVolution Group from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $11.80 to $12.10 in a research report on Friday.

About FinVolution Group

FinVolution Group operates in the online consumer finance industry. The company operates a fintech platform that is empowered by borrowers with financial institutions. It operates in China and internationally. The company was formerly known as PPDAI Group Inc and changed its name to FinVolution Group in November 2019.